Stock Exchange of Thailand (SET) Is Applying for a Cryptocurrency License

Over the last few months, crypto-related activities in South East Asia is on a surge. Regulatory bodies of Malaysia, Singapore, and Thailand are taking enough efforts to streamline the cryptocurrency industry in their region. Last week on Jan. 8, the Thai SEC issued licenses to a few crypto exchanges to continue their operations in the country.

According to the latest report from the Bangkok Post, the Stock Exchange of Thailand (SET) is seeking a license from the Finance Ministry to carry out digital asset operations. The report notes that the SET is likely to open its authorized crypto exchange by the end of this year.

Growing Interest for Cryptocurrencies Among Locals

The publication notes that one of the major reasons for the SET to apply for a crypto license is to help its securities firm members who are looking forward to becoming cryptocurrency dealers and brokers.

Pattera Dilokrungthirapop, the vice-chairwoman of the SET’s board of governors and the chairperson of the Association of Securities Companies, told the Bangkok Post:

“We are not in a hurry to enter the digital asset trade, as some companies are still managing their core businesses, while cryptocurrencies are just one of the [digital] asset classes where brokers can adapt their trading platforms to serve digital trading. Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.”

If the plan comes to reality, Mrs. Pattera says that the SET will be the first global stock exchange having its own indigenous crypto exchange. She further added that the SET will have an upper hand over the licensed crypto exchanges in terms of having "large capital and trust”.

However, Jirayut Srupsrisopa, chief executive of the already functional crypto exchange Bitkub Group, said that although the SET holds an upper hand over licensed crypto exchanges, the latter have more expertise in dealing with the emerging cryptocurrency market.

As the regulatory clarity over the cryptocurrency assets emerges, we expect more such positive news coming out of Thailand. Earlier today, Cryptoscanner reported on about the Thai SEC’s ongoing scuffle with Coin Asset crypto exchange asking the crypto operator to shut down operations.